Azerbaijan, IMF discuss macroeconomic situation  

The Central Bank of Azerbaijan (CBA) has held a video conference with the head of the IMF mission in the country Natalia Tamirisa in connection with the launch of the Virtual Mission on Article IV of the IMF's Articles of Agreement, Report informs, citing IMF.

The meeting was aimed at discussion of the situation on macroeconomic and financial stability in Azerbaijan, forecasts for 2021 and the medium term, the priorities of monetary and financial stability policies in the context of the coronavirus (COVID-19) pandemic and beyond.

IMF representatives were briefed about the situation on the macroeconomic and financial stability in the country, the monetary and financial stability policies pursued by the CBA last year and this year, and their results. It was noted that in the face of external and internal threats posed by the pandemic, the country has ensured price stability and financial stability, and balance of the foreign exchange market. Monetary and prudential policies pursued during the pandemic have served to support economic activity within the framework of macroeconomic and financial stability targets. Thus, monetary policy has been relaxed both in terms of quantity and value, and a number of macro-prudential concessions have been made.

The sides exchanged views on the tasks and forecasts of monetary and financial stability policies for the rest of this year.

It was noted that President Ilham Aliyev had launched a new generation of reforms and set national priorities for the next 10 years.

Natalia Tamirisa praised the reforms and the work done to ensure macroeconomic and financial stability and said that the IMF is ready to continue providing technical assistance to Azerbaijan and participate in relevant consultations. According to her, the development of a new economic development strategy is a very important step, and the strategy, which will be developed on the basis of national priorities set under the leadership of the President, will make an important contribution to economic development.
They stressed the need to continue discussions and exchange views on the issues mentioned during the mission.